The Global Smart Factory and Manufacturing Market is projected to grow at around 9.7% CAGR in the forecast period of 2021-26, says MarkNtel Advisors in their recent research report. The market is driven primarily by the advent of technologies like the Internet of Things (IoT) & Artificial Intelligence (AI) in several industrial applications to bring operational efficiency.
In addition, the growing need to ensure energy conservation, resource optimization, & cost-effectiveness across factories & manufacturing units is propelling the demand for industrial robots, thereby driving the market. Moreover, the need for these solutions & systems is anticipated to rise substantially, especially after the Covid-19 pandemic, to keep manufacturing facilities afloat & in line with the government safety policies.
Besides, the introduction & development of new technologies like semiconductors is another crucial aspect projected to boost the adoption of smart factories & manufacturing solutions, further states the research report, “Global Smart Factory and Manufacturing Market Analysis, 2021.” The leading market players include IBM, Thales, BAE Systems PLC, Senseye, Oden, Aclima, Neiker-Tecnalia, Festo, Siemens, Upskill, Teska Labs, Sick AG, LMI Technologies, & Oracle.
Key questions answered in the study
According to the research report, the Global Smart Factory & Manufacturing Market, based on Components, segments into:
Of them all, Industrial Robots are projected to witness significant momentum during 2021-26. The increasing adoption of Industrial Robots owes to their benefits like cost-effectiveness, operational efficiency, increased production, enhanced workplace safety, etc. These robots are gaining traction to meet the production requirements while ensuring high quality. Besides, several small & medium-size enterprises are likely to attain the maximum benefit from these components, especially in developing countries, and, as a result, drive the market in the years to come.
With Rapidly Broadening Manufacturing Sector, Asia-Pacific to Dominate the Market through 2026
Geographically, among all regions, Asia-Pacific is projected to acquire the largest share in the Smart Factory and Manufacturing Market during the forecast period. It owes principally to the rapidly expanding manufacturing sector, especially in countries like China & India, coupled with the rising focus on bringing automation into the industry.
Moreover, such countries are also facing issues like burgeoning demand for high labor wages, which is another aspect fueling the adoption of smart factories & manufacturing solutions to reduce human dependency and increase operational efficiency.
Furthermore, industries like consumer electronics, textiles, automotive, etc., are also increasingly adopting smart factory & manufacturing solutions. It is leading to the establishment of prominent companies across the region, which, in turn, shall boost the regional market in the coming years, reveals MarkNtel Advisors in their research report, "Global Smart Factory and Manufacturing Market Analysis, 2021."